Anconia Resources Drilling Further Confirms VMS Discovery at ATLAS-1, Mineralization Intersected Along a 2.4 km Horizon

TORONTO, ONTARIO -- (Marketwire - Oct. 30, 2012) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to announce results from the final 4 holes in its 2012 drilling program at its ATLAS-1 (formerly known as MARCE) occurrence, which demonstrate mineralization to a depth of 200m (see attached stylized cross section).

These are the last set of drillholes for the 2012 summer drill program on the ATLAS-1 discovery, and confirm the existence of a volcanogenic massive sulfide (VMS) body of unknown size. The strike length of the sulfide occurrences is 2.4 km based on drilling, geophysics and surface sampling. Down dip ATLAS-1 locally extends to at least 200m below surface. The ATLAS-1 occurrence remains open both along strike and down dip (to depth).

The ATLAS-1 occurrence is a distinctly stratiform Zn-Ag-Cu type of VMS deposit, similar to the deposits in the Hackett River and Sturgeon Lake districts. It has an extensive and well defined footwall alteration zone, and is capped by a laterally extensive exhalite, consisting of banded iron formation and chert. Drilling also encountered very localized zones of unusually high Au and Ag mineralization, which tentatively may represent a second type of mineralization, superimposed on the VMS system.

Mr. Jason Brewster, President and C.E.O. of Anconia Resources stated "We are extremely excited by the results of drilling our first 12 drillholes which confirmed the presence of the ATLAS-1 VMS occurrence, something which can often take much more drilling. Of particular interest are holes MRC-12-11, and MRC-12-04 where typical VMS copper stringer zones were encountered. These intersections provide an important vector to locating the core of the system. Additionally we are excited about the elevated silver and gold in the system with localized very high abundances similar to hole MRC-12-06. Preliminary data analysis reveals a secondary gold and silver mineralizing event which has elevated these values within the VMS system. We will continue to investigate ATLAS-1 as well as our other projects throughout the winter months and into 2013."


Intersections for holes MRC-12-09, 10, and 11, are as follows:

- Hole MRC-12-09 encountered 3.7m of 379 g/t Ag, 1.77 g/t Au, and 1.28% Pb. This is an undercut of hole MRC-12-06 which encountered 3.6m of 1348.3 g/t Ag, 11.2 g/t Au, 1.98% Pb, and 3.74% Zn (See the Company's press release dated October 10, 2012).

- Hole MRC-12-10 encountered 6.6m of 4.37% Zn, and 54.08 g/t Ag, including 2.5m of 10.20% Zn, 85.49 g/t Ag, and 1.38% Pb. This is an undercut of hole MRC-12-08 which encountered 9.8m of 6.97% Zn, and 112.98 g/t Ag.

- Hole MRC-12-11 encountered 14.1m of 1.75 g/t Au, 140.49 g/t Ag, and 1.39% Zn, including 6.4m of 3.44 g/t Au, 239.88 g/t Ag, 0.99% Cu, and 2.64% Zn. This is an undercut of hole MRC-12-04 which encountered 8.4m of 1.59 g/t Au, 152.9 g/t Ag, 1.1% Cu, and 1.06% Zn.

A plan view map (Figure 1 below) indicates drillhole collar locations (green dots) along with a tabulation of all mineralized intersections (Table 1). Drillholes MRC-12-01 through MRC-12-11 were all drilled along the strike of the known surface mineralization and followed the geophysical signature, and all encountered sulfide mineralization and/or an iron formation marker horizon (stratigraphically above the VMS body). Hole MRC-12-12 was drilled approximately 2 km to the south west and was designed to test the intersection of two electromagnetic geophysical features. While this hole did not encounter the massive sulphide occurrence, it did encounter the Iron Formation marker horizon, and anomalous metal content and alteration. The Iron Formation marker horizon was also encountered in hole MRC-12-07, as well as all other holes which were drilled into the ATLAS-1 occurrence (see Figure #2 for a stylized schematic vertical section of drilling centered on line 2450).

To view "Figure 1 - Drillhole Locations (Plan view) for summer 2012 drilling program at ATLAS-1", please visit the following link:
http://media3.marketwire.com/docs/Figure1DrillholeLocations.pdf.

In the image above, the black lines indicate "in phase" electromagnetic conductors, and the green lines represent slightly weaker electromagnetic conductors (quadrature response). This image represents approximately 3 km of a conductive geophysical feature, which has a strike length of approximately 7.2 km.

To view "Figure 2 - Stylized vertical section of the ATLAS-1 occurrence through line 2450E", please visit the following link:
http://media3.marketwire.com/docs/Figure2Stylizedverticalsection.pdf.

The presence of ATLAS-1, and the ZAC occurrence approximately 20km to the NE with numerous geophysical conductors identified during the August 2011 airborne magnetic and electromagnetic surveys suggest the presence of additional VMS systems in the greenstone belt on Anconia's claim group.


Sample Protocol

The samples were selected in the field, cut and bagged, sealed with a security seal and transferred by bonded courier to the facilities of Activation Laboratories Ltd. in Thunder Bay where they were processed UT-5 INAA(INAAGEO) / Total Digestion ICP/MS with the over limit results further tested by 8-4 Acid ICP OES Assay.

Mr. Brian H. Newton, P. Geo, of Minroc Management Ltd., is a "Qualified Person" pursuant to NI 43-101 and has reviewed and approved the contents of this press release.


Table 1

Mineralized intervals from Summer 2012 drilling program at ATLAS-1 occurrence;

Hole 	From m 	To m 	Width m 	Au ppm 	Ag ppm 	Cu % 	Pb % 	Zn %
MRC-12-01* 	48.2 	51 	2.8 	0.43 	202.3 	0.18 	0.83 	2.56
MRC-12-02* 	71.9 	74.6 	2.7 	0.32 	131.6 	0.13 	1.11 	4.02
including 	72.4 	73.6 	1.2 	0.44 	217.5 	0.24 	2.41 	8.89
MRC-12-03* 	36.7 	48 	11.3 	0.59 	76.8 	0.62 	0.06 	1.31
including 	46 	48 	2 	0.33 	66.1 	0.23 	0.28 	6.19
MRC-12-04* 	52 	60.4 	8.4 	1.59 	152.9 	1.10 	0.02 	1.06
including 	58 	60.4 	2.4 	2.73 	317.3 	2.22 	0.06 	3.05
MRC-12-04* 	61.8 	64.4 	2.6 	0.15 	45.0 	0.17 	0.68 	8.16
MRC-12-05* 	87.5 	96.6 	9.1 	0.48 	77.3 	0.18 	0.74 	4.44
including 	87.5 	92 	4.5 	0.66 	93.5 	0.28 	0.45 	5.05
MRC-12-06* 	115.4 	119 	3.6 	11.19 	1348.3 	0.17 	1.98 	3.74
including 	115.4 	116.4 	1 	35.90 	3590.0 	0.34 	2.51 	0.34
MRC-12-07* 	Iron Formation Marker Horizon encountered with pyrite mineralization
   in stringers and "clots". Anomalous Cu, Zn, and Ag values were encountered
MRC-12-08* 	136.5 	146.3 	9.8 	0.47 	113.0 	0.29 	0.64 	6.97
including 	139 	143 	4 	0.19 	37.3 	0.06 	0.26 	11.93
MRC-12-09 	175 	178.7 	3.7 	1.02 	371.9 	0.17 	1.28 	0.59
including 	175 	175.7 	0.7 	0.56 	206.0 	0.07 	4.92 	1.30
MRC-12-10 	213.4 	220 	6.6 	0.13 	54.1 	0.15 	0.66 	4.37
including 	216.2 	218.7 	2.5 	0.21 	85.5 	0.15 	1.38 	10.20
including 	216.2 	217 	0.8 	0.22 	122.0 	0.03 	2.45 	20.00
MRC-12-11 	177.5 	178.5 	1 	1.75 	239.0 	2.26 	0.00 	0.72
MRC-12-11 	177.5 	191.6 	14.1 	1.75 	140.5 	0.74 	0.29 	1.40
including 	185.2 	191.6 	6.4 	3.44 	239.9 	0.99 	0.64 	2.64
including 	188.4 	190.4 	2 	9.93 	422.0 	1.30 	0.87 	5.69
MRC-12-12 	Iron Formation Marker Horizon encountered with pyrite mineralization in
   stringers and "clots". Anomalous Cu, Zn, and Ag values were encountered

* Denotes drillholes which have been previously announced

* Stated widths do not represent true widths, which are not known at this time. Widths are as drilled.


About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in the Nunavut Territory, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact

Anconia Resources Corp.
Jason Brewster, President and CEO
416-815-9777